Bitcoin Price Relatively Muted – What Could Trigger A Sharp Decline?

2023-08-15 04:13:35

Bitcoin price is still struggling below the $29,650 zone. BTC could gain bearish momentum if there is a close below the $29,100 support.

Bitcoin is showing a few bearish signs below the $29,650 zone.
The price is trading below $29,400 and the 100 hourly Simple moving average.
There is a short-term bullish trend line forming with support near $29,320 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to move down if it breaks the $29,250 and $29,100 support levels.

Bitcoin Price Stuck Below $30K

Bitcoin price remained well below the $30,000 resistance zone. BTC attempted a short-term upward move but the bears were active near the $29,650 resistance zone.

A high was formed near $29,657 before there was a fresh decline to $29,250. The price is now consolidating and trading above the 23.6% Fib retracement level of the recent decline from the $29,657 swing high to the $29,250 low.

Bitcoin is now trading below $29,400 and the 100 hourly Simple moving average. There is also a short-term bullish trend line forming with support near $29,320 on the hourly chart of the BTC/USD pair.

Immediate resistance is near the $29,450 level. It is close to the 50% Fib retracement level of the recent decline from the $29,657 swing high to the $29,250 low. The next major resistance is near $29,500. The main resistance is now forming near the $29,650 level.

Source: BTCUSD on TradingView.com

A close above the $29,650 resistance could send the price toward the $30,000 resistance zone. Any more gains might change the trend and the price might rise toward $30,500. In the stated case, the price could even rise toward $31,200 or even $32,200 in the coming days.

More Losses In BTC?

If Bitcoin fails to clear the $29,650 resistance, it could continue to move down. Immediate support on the downside is near the trend line.

The next major support is near the $29,250 level. The first key support is near $29,100. A downside break below the $29,100 level might start another steady decline. In the stated case, the price could drop toward $28,400.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $29,250, followed by $29,100.

Major Resistance Levels – $29,450, $29,650, and $30,000.

Trang này có thể chứa nội dung của bên thứ ba, được cung cấp chỉ nhằm mục đích thông tin (không phải là tuyên bố/bảo đảm) và không được coi là sự chứng thực cho quan điểm của Gate hoặc là lời khuyên về tài chính hoặc chuyên môn. Xem Tuyên bố từ chối trách nhiệm để biết chi tiết.